Shares of Reliance Communications have risen 12% in the last two trading days after its chairman Anil Ambani said the company is in advanced talks to share and trade spectrum with brother Mukesh-led Reliance Jio Infocomm.Palak Shah | ET Bureau | October 02, 2015, 10:24 IST

In a major relief to Reliance ADAG, the Akhilesh Yadav government has decided to return Rs 1,200 crores of bank guarantee deposited by it to build a SEZ in Noida.MUMBAI: Shares of Reliance Communications have risen 12% in the last two trading days after its chairman Anil Ambani said the company is in advanced talks to share and trade spectrum with brother Mukesh-led Reliance Jio Infocomm.

The stock closed 1.5% higher at Rs 68.95 on Thursday after rising as much as 6.5% earlier in the day on optimism that the co-operation with Reliance Jio would benefit the Anil Ambani Group.

Speaking at RCom’s annual general meeting on Wednesday, ADAG said he was “grateful to Mukesh Ambani for making the tie-up between the two companies possible.”

Investor confidence in Reliance Communications has been low, weighed down by debt of nearly Rs 40,000 crore on its balance-sheet. The company’s market capitalisation stood at Rs 17,161 crore as on Thursday’s closing price of the share at Rs 68.95 on the BSE.

The stock has rallied 51% from an annual low of Rs 45 on August 25. RCom is in advanced talks with a few shortlisted buyers for sale of its tower business that could reportedly fetch the company between Rs 20,000 crore to Rs 24,000 crore.

Separately, RCom initiated contempt proceedings in the apex court against the Department of Telecommunications, blaming it for delaying a spectrum sale that would have enabled dues to be paid to Ericsson and lenders.